Small-business Borrowing Surges in October

Borrowing by small businesses rose in October, a report on Monday showed, as the central bank launched its latest round of monetary stimulus to encourage borrowing and spending.

The Thomson Reuters/PayNet Small Business Lending Index, which measures the overall volume of financing to small U.S. companies, rose to 107.5 from an upwardly revised 96.4 in September, PayNet said.

PayNet had initially reported the September figure as 94.1.

Borrowing was up 11 percent in October from a year earlier.

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